Investing vs. Speculating with Dmitriy Fomichenko Pt.2

May 3, 2021

This episode is part 2 of my conversation with Dmitriy Fomichenko. He is the founder and president of Sense Financial Services LLC, a boutique financial firm specializing in self-directed retirement accounts with checkbook control. He has tons of experience across the board in real estate, from self-directed IRA, solo-4O1K, single-family homes, to syndication in multifamily, and many more. 

 

Let’s jump right into this episode and learn more about his amazing experiences.

 

[00:01 - 09:40] Self-directed IRA

• Dmitriy shares his opinion about my foresight on hitting the double bottom once the artificial market manipulation is done.
• Why he chooses to transition from the stock market to real estate.
• Dmitriy gives a simple explanation of what self-directed IRA is
• • You can invest in anything, except collectibles, an life insurance contract with your IRA, but it depends again on your custodian that limits your choices.
• The limitation of your custodian.
• Least prohibited transactions 
• • The disqualified persons

 

[09:41 - 18:39] Solo 4O1K

• The difference between self-directed IRA and 4O1K
• • You need a custodian to do a self-directed IRA, and your transaction would depend on them
• Dmitriy explains the qualification of a Solo 4O1K 
• • Legit self-employment activity or business 
  • Create a trust just for the 4O1K plan
  • You become the trustee for your 4O1K
• Other benefits of a Solo 4O1K 
• Dmitriy talks about the Cashflow quadrant book by Robert T Kiyosaki
• • It is a great feeling to have the freedom of making your money works for you
• That is the beauty of real estate investing; you do not have to jump immediately. It is a process.
• Move your money to the right side of the quadrant and slowly transition to be a full-time investor. 

Tweetable Quotes:

“You can literally invest in anything, except collectibles, an life insurance contract with your IRA, but it depends again on your custodian that limits your choices.”- Dmitriy Fomichenko.

“Move your money to the right side of the quadrant and slowly transition to be a full-time investor. .”- Dmitriy Fomichenko.

“It is a great feeling to have the freedom of making your money works for you.”- Dmitriy Fomichenko.

 

You can connect with Dmitriy on Linkedin, or you can also visit his website at www.sensefinancial.com/ 

 

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